1.) What is the first step I need to take before buying a home?
The first step you need to take before finding your dream home, is talk to a lender. They will help you figure out the amount of money you will realistically be able to be loaned from the banks. Here at The Marcus Valdez Team, we have an arsenal of fantastic lenders who are ready to point you in the right direction!
2.) Ok, I’ve talked to a lender. Now what?
Now that you've taken the first exciting step to the home buying process, you should have a clear idea of your budget. A lender will help you understand what loan amount you can get approved for, and give you an estimate of the monthly mortgage payment for your new home. Now we can begin house hunting in the range of your approved budget! In addition, any offer you submit will be stronger as it will be backed by a pre-approval letter from your lender.
3.) I love so many houses, how do I narrow it down?
Once you've established your budget, it is important to let your Realtor know the "Must Haves" list for your future home. (Example: location, number of bedrooms, size of garage etc. ) This way we can weed out the homes that absolutely will not work. It is important however to not be TOO specific as that can severely limit the search results.
4.) What happens when I finally submit an offer?
Your offer will reviewed by the Seller. They will either accept, counter, or decline your offer. A counter proposal is when the Seller would like to negotiate different terms from the offer originally submitted.
5.) How do I know I'm not paying too much?
Your agent will guide you in submitting an offer you are comfortable making. Be sure to have your agent send you a list of comparable sales in the neighborhood. This will give you a better idea of where properties are selling and the price range in which they were sold .
6.) Is a home a good investment?
Investing in Real Estate is always a good choice. Your home may appreciate as time passes and gain equity. Some people choose to purchase a second property as an investment because of this as well as to gain a monthly cash flow.
7.) What is my Earnest Money for?
Your Earnest Money is a show of good faith for the Seller, and is a confirmation of the contract. It will be directly applied to the purchase price of your home.
8.) What are the risks in buying a home?
It is very important to have an inspection done on the property you are wanting to purchase. A home inspection is your chance to avoid any issues that may be hiding in the walls, roof, or crawl space, among others. The Colorado contract allows you the right to inspect. Your agent and the inspector you choose, will help you to fully understand the issues (if any) that arise during the inspection. This way you can make the most informed choice, and possibly renegotiate if necessary.
9.) I'm out of state but want to buy in Northern Colorado. What are my options?
A visit to the area you would like to purchase a home is always recommended and advised. However, if you cannot make it out to Colorado, advancements in technology have made it simple to share pictures, videos and property information.
10.) I'm finally ready to buy, what should I do?
Call up the agents with The Marcus Valdez team and get started on your search for finding your dream home!
Author:Marcus Valdez Phone: 970-231-0890 Dated: August 12th 2016 Views: 158 About Marcus: Marcus was born in Denver and grew up in Fort Collins. In 1992, he participated in the Vans World Am...
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